SG Americas Securities LLC Trims Position in OFG Bancorp (NYSE:OFG)

SG Americas Securities LLC lowered its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 83.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,813 shares of the bank's stock after selling 54,693 shares during the period. SG Americas Securities LLC's holdings in OFG Bancorp were worth $458,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of OFG Bancorp by 48.9% in the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank's stock worth $34,000 after acquiring an additional 263 shares in the last quarter. XTX Topco Ltd increased its stake in shares of OFG Bancorp by 5.2% in the 3rd quarter. XTX Topco Ltd now owns 8,387 shares of the bank's stock valued at $377,000 after acquiring an additional 413 shares during the last quarter. Martingale Asset Management L P increased its position in shares of OFG Bancorp by 0.5% in the 3rd quarter. Martingale Asset Management L P now owns 87,215 shares of the bank's stock valued at $3,918,000 after buying an additional 460 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of OFG Bancorp by 3.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,893 shares of the bank's stock valued at $895,000 after purchasing an additional 886 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in OFG Bancorp by 56.7% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank's stock worth $115,000 after purchasing an additional 926 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Price Performance

Shares of NYSE:OFG traded up $0.16 during midday trading on Wednesday, hitting $43.11. The stock had a trading volume of 326,561 shares, compared to its average volume of 344,277. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The company has a market capitalization of $1.98 billion, a P/E ratio of 10.21 and a beta of 1.00. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The company's 50-day moving average price is $43.26 and its 200-day moving average price is $43.41.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same quarter in the previous year, the company posted $0.98 earnings per share. As a group, equities research analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp announced that its Board of Directors has approved a share repurchase plan on Monday, October 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the bank to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.30 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a yield of 2.78%. This is a positive change from OFG Bancorp's previous quarterly dividend of $0.25. OFG Bancorp's dividend payout ratio (DPR) is currently 23.70%.

Insiders Place Their Bets

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now owns 284,775 shares of the company's stock, valued at approximately $12,883,221. This represents a 14.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.16% of the company's stock.

Analyst Ratings Changes

OFG has been the topic of several recent research reports. Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $45.00 to $48.00 and gave the company an "overweight" rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an "outperform" rating in a report on Thursday, January 23rd. Finally, Piper Sandler reduced their target price on OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating for the company in a research note on Thursday, October 17th.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.